Future moves HC against order stalling deal with RIL – Times of India
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NEW DELHI: In its ongoing legal tussle with US e-retailer Amazon, the Future Group on Saturday approached the Delhi high court to challenge an earlier order, which upheld the Singapore-based emergency arbitrator’s order to put on hold its Rs 24,713-crore asset sale to Mukesh Ambaniled Reliance Industries (RIL).
In a regulatory filing, the Kishore Biyani-led supermarket (Big Bazaar) operator said it has filed an appeal before the larger bench of the same high court against the order passed by a single-member bench of Justice J R Midha. The appeal by its group companies — Future Retail (FRL) and Future Coupons — is expected to be heard on Monday (March 22).
A Future Group spokesperson on Thursday had said the order of the singlejudge bench has no bearing on the status quo of the case since it is already in the Supreme Court.
“The next hearing is expected to be in the last week of April 2021,” the spokesperson said. “In the meanwhile, as per the Supreme Court order dated February 22, 2021, the NCLT (National Company Law Tribunal) is allowed to continue its proceedings but the same shall not culminate in any final order of the sanction of the scheme.”
In a setback for the debt-laden Future Group, the Delhi high court on Thursday had ordered it to not take any action on the proposed deal with RIL and held that the group willfully violated the emergency arbitrator’s order.
In a regulatory filing, the Kishore Biyani-led supermarket (Big Bazaar) operator said it has filed an appeal before the larger bench of the same high court against the order passed by a single-member bench of Justice J R Midha. The appeal by its group companies — Future Retail (FRL) and Future Coupons — is expected to be heard on Monday (March 22).
A Future Group spokesperson on Thursday had said the order of the singlejudge bench has no bearing on the status quo of the case since it is already in the Supreme Court.
“The next hearing is expected to be in the last week of April 2021,” the spokesperson said. “In the meanwhile, as per the Supreme Court order dated February 22, 2021, the NCLT (National Company Law Tribunal) is allowed to continue its proceedings but the same shall not culminate in any final order of the sanction of the scheme.”
In a setback for the debt-laden Future Group, the Delhi high court on Thursday had ordered it to not take any action on the proposed deal with RIL and held that the group willfully violated the emergency arbitrator’s order.
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